Two in five UK crypto investors have had payments blocked or delayed by their bank when trying to buy digital assets, according to new research by IG.
The study highlights growing tensions between retail investors and high street lenders, with 40% of crypto users saying they had faced restrictions when attempting to purchase tokens.
Banks typically justify such interventions on the grounds of fraud prevention. However, the UK public appears unconvinced by that reasoning. When asked, 42% of adults said they opposed banks interfering in crypto transactions, compared with just 33% who supported such action.
For many investors, the restrictions are more than an inconvenience. More than a third (35%) of respondents said they had switched banks to one more amenable to crypto purchases, while 29% had filed a formal complaint. A further 22% reduced the size of their transactions to avoid being blocked, and 10% said they had abandoned their attempts altogether.
The findings come amid growing warnings that the UK risks falling behind in the international race to attract digital asset businesses. Former Chancellor George Osborne recently argued that the country risked “missing the boat altogether”, singling out banking restrictions as a key reason why the UK is losing ground to rivals.
Michael Healy, UK managing director at IG, said: “We’re in a damaging position where millions of people are effectively being locked out of crypto just because of who they bank with. This kind of behaviour is at best anti-consumer, at worst anti-competitive – and it’s not backed by the public.
“This overreach from banks is only possible because there’s still no clear UK regulatory framework in place governing crypto. Until that changes, responsible firms and investors will be penalised. If the government is serious about making the UK a home for crypto innovation, it needs to act.”
According to the Financial Conduct Authority (FCA), 12% of UK adults currently hold crypto assets. IG’s latest survey suggests adoption is rising sharply, with 25% of respondents now claiming to be invested.
